D. An entry to convert an asset to a liability. What type of account is Notes Payable? b. b) Whenever transactions affect the revenue or expenses of more than one accounting period. As time passes, fixed assets other than land lose their capacity to provide useful services. a) The entry to record the earned portion of rent received in advance. a) Debit Interest Expense $6,300. Decrease in liabilities and reduction in net income. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Contract type International ICA. a) Before financial statements and after a trial balance has been prepared. Each book contained a certain number of coupons for video rentals. b. c) In the period in which they are paid. c) Results in financial statements that are less useful to decision makers because many details have been omitted. Which type of probability (empirical, classical, subjective) is each of the following? . a. Go to the FASB website and access the FASB Concepts Statements and respond to the following items. b. deferral Change in inventory. a. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? PDF Table of Contents c. revenue, asset d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is b. snow removal services that have been provided but have not been billed or paid Assets and Liabilities B. a. cash basis (Solved) - 1. Which of the following may not be considered a D. a) Services rendered. a) Assets B. $3,500. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 c) $112,400. a. - Total assets decrease. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. a. debit Salaries Payable; credit Cash d) $117,000. Purchased land for cash. View the full answer (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. Debit Interest Receivable $250. (a) A power generation plant that normally takes two years to construct. The adjusting entry required by Great Kids Co. on January 30 includes: A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? C) checks stamped "NSF." Please state where each account should be placed? Advanced Limiting Techniques - Mastering The Mix 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. C) Only to correct errors in the initial recording of business transactions. 1) Unearned revenue is: c) Only if each accounting period covered is a full year. 1) Omega Company adjusts its accounts at the end of each month. B. b. Statement of changes in owner equity C. Balance sheet 2. (2) The company pays all employees up to date each Friday. Accounting chapter 3 Flashcards | Quizlet Each earns $800 per week for a five-day work week ending on Friday. a) An overstatement of assets and of net income offset by an understatement of owners' equity. a) Assets of Perfect Painting are overstated at December 31, 2018. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. B) c. an accrued expense d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu Legislative reform is needed, to remove or widen the . We level all printers as if everything is properly assembled, tightened, and adjusted. This month, the last day of the month falls on a Thursday. a) A debit to Child Care Fees Receivable of $9,000. ($4,800 / 12 = $400 * 1 / 2 = $200). The note is to be repaid, with interest, in six months. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. Suppose Dr. Milton's checking account has a balance of $3,458.92. D) d) $42,000. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated c) The entry to declare a dividend distribution. Are they quantitative or qualitative in nature? To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called B) decreases net income and increases liabilities. d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. c) Depreciation Unlike entries made . A. d) Materiality. d) Equal $9,800. b) Realization principle After recording these adjustments, net income for March is: Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. Statement of changes. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? A) The variable being predicted is the Y variable. c. Unearned Subscriptions c) An asset. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. c. The chance of rolling a 3 on two dice is 1/18. Solved Which of the following is not considered a basic type - Chegg Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. Sweat gland b. Hairc. The monthly rent is $7,000. a. Payables a. d . - Net income increases. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? c) $1,200 cash dividends are declared and paid. Vacancy code VA/2023/B5303/25590. a. stockholders' equity Question 6 options: Income statement B. Use the following account types to form the expanded accounting equation. (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) Answered: Which of the following is most likely | bartleby Borrowed $40,000 from First National Bank. Which of the following statements is incorrect? b. asset, contra liability Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance (a) A power. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. Revenues and expenses B. An example of a contra-asset account is: A) An entry to convert a liability to a revenue. Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is Our experts can answer your tough homework and study questions. a) An entry to accrue unpaid expenses. Which fraction has self adjusting force? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. The District may choose to fill one or more positions from this recruitment within six (6) months. a) The entry to record depreciation. When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. d) Prepaid expenses are shown in a special section of the income statement. a) Net income will be overstated and total assets will be understated. b. Not recording contingent liabilities. Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. Answered: Which of the following is incorrect | bartleby (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Which of the following is not accomplished by an adjusting entry? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Your aunt recently received the annual report for a company in which she has invested. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. The monthly rent is $7,000. C) An entry to convert an asset to an expense. B) An entry to accrue unpaid expenses. d) As a part of the retained earnings. Job categories Finance. In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. b) Only an estimate. c. Interest Expense Supplies a) Realization principle b) Generally fall into one of two categories. b. c) Prepaid expenses become expenses only as goods or services are used up. Createyouraccount. . The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . A) Both revenues and assets will be understated. (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. a. equipment allocation b. depreciation Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) a. revenues and expenses are reported in the period in which cash is received or paid A. Question 5 options: Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. b. deferred Liabilities, expenses, and assets. January 31 falls on a Tuesday; salaries are paid on Friday of each week. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is b. Underrecording debt. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Asset b. d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) Question 1 Which of the following are considered the original "chronic eight" conditions from the 2008 Risk Adjustment Data Technical Assistance for Medicare Advantage Organizations Participation Guide? Which of the following situations is not considered an adjustment? Which of the following is not a characteristic of the accrual basis of accounting? The following information has been assembled in order to prepare the required adjusting entries at December 31: increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is. Debits Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. Which of the following is not an adjusting entry? Indicate also the type of financial statement. 59) Which of the following is not a characteristic of trend projections? d) An overstatement of net income and an understatement of assets. 1) The concept of materiality: Write offs. Doing so: A. Violates professional standards. c) Unexpired revenue. c. debit Salaries Payable; credit Salaries Expense Indicate which items will be erroneously stated, because of failure to correct the initial error, on (a) the income statement for the month of November and (b) the balance sheet as of November 30. c. correction of an error in the general journal. a) Assets of Perfect Painting are overstated at December 31, 2018. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? -Supplies used in March: $100. b) Liabilities d. inventory, Which account would normally not require an adjusting entry? $3,600 a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Current assets b. The accrual of an electricity bill for electricity used but not yet paid b. c) As an asset on the balance sheet. Find the matrix products. a. d. liability, Which of the following is an example of a prepaid expense? c) Assets = Liabilities + Paid-in Capital + Retained Earnings. How is "materiality" defined in the conceptual framework? 29. Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. B) An entry to record revenue that has been earned but has not yet been billed to customers. = 15 * 3/20 Identify the type of account for the following: Unearned Revenue a. b. purchased Which of the following is NOT considered an epidermal appendage? a) $44,200. Accounting Ch. 3 Flashcards | Quizlet After recording these adjustments, net income for March is: Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. a. expenses when their future economic value expires or is used up the amount on hand. d) The entry to pay outstanding bills. (3) On December 1, rent on the office building had been paid for three months. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. 1) Which of the following is not an example of an adjusting entry? exam ch11 Flashcards | Quizlet If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? -Depreciation for the month of March: $2,300. d. debit Building; credit Depreciation Expense. a. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? Assets = Revenue + Expenses - Liabilities. Emotional Intelligence - a Possible Predictor of Performance or Success The lease requires monthly rent of $550, with 4 months paid in advance. A debit to a liability and a credit to cash. to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? D) Expenses. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 "The first examination will be $40 or $50, depending on how long the visit is. b) Consumed. The first payment is to be received on February 15. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting Because collecting the adjustment data requires time, the adjusting entries are often. Which of the following is not considered an epidermal Fiscal Technician I . C) C) An entry to convert. c) Be unaffected. a) Increase by $9,800. c. expenses in the period when they are paid Current liabilities c. Investments d. Long-term liabilities e. Property, pla. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . Level ICS-10. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. Assets, liabilities, and owner's equity. $13,011 (property, plant, equip - accumulated depreciation). c) Paid for. d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. b) Correct errors made during the accounting period. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: \text{From Income Statement:}&\textbf{2018}\\[2pt] a) To record unrecorded expenses. 31,2018$85,0002018700,000Dec. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: c. $2,800 Debit Automobile $578 and credit Depreciation Expense $578. (a) The entry to record depreciation: $3,000. Which of the following is most likely not considered an adjusting entry? User: 3/4 16/9 Weegy: 3/4 ? $400 A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? b) At the end of January, Empire Company pays the custodian for January office cleaning services. d. net income or loss will not be determined, Adjusting entries always include Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. b. asset, debit Under which circumstance would the veterinarian not adjust or cancel a fee for services? .c) A credit to Child Care Fees Earned of $4,500. c) $38,000. b) Liabilities of Perfect Painting are understated at December 31, 2018. a) Are needed whenever revenue transactions affect more than one period. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is On January 10, the mortgage payment was made. b. revenue and the dividends account Gamma Company adjusts its accounts at the end of each month. d) The entry to pay outstanding bills. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms.